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LME delays deadline for reporting aluminium emissions
London Metal Exchange announced on Thursday that it has pushed back the deadline for producers to report their emissions in line with a new EU carbon policy, by five months. The new deadline is September 1. Carbon Border Adjustment (CBAM), a mechanism of the EU, entered its chargeable phase in January. This means that importers of certain commodities, such as aluminium and steel have to pay carbon taxes for direct emissions produced during production. The LME date has been changed after the EU moved its annual CBAM declaration deadline to September 30, from May 31, giving importers more time to verify data. The deadline for submitting the LME emission reporting form for the year 2025 was pushed from April 1st to September 1st 2026. This adjustment will ensure that the LME's requirements remain aligned with EU framework in order to reduce complexity, and to help producers meet LME requirements within a "consistent" and "manageable" timeframe. The requirement to report emissions applies to all LME primary aluminum?and alloys, regardless of whether or not the metal has ever been shipped into Europe or traded at the exchange. (Reporting by Tom Daly; Editing by Kirsten Donovan )
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Four partners have left EY following breaches of Shell audit reports FT
The Financial Times reported that four EY partners had left the firm because they violated independence rules during their audit of Shell, which led to the termination of the $66 million contract. The report stated that the exits occurred last December, as the accounting firm was rushing to contain the fallout of the 'compliance failures. Shell didn't respond to an immediate?' Shell did not respond immediately to a?'Einenajungiodată conving?zeugnemsprachhneé Ihre EY declined to make sprach EY declines to comment. Shell stated in a July 2025 regulatory filing that EY violated "rules" that require an accounting firm to switch its lead auditor every five to seven year. It also stated that it would amend the annual?reports for 2023 and 2024 after EY failed?to comply with U.S. Securities and Exchange Commission?rules?on partner rotating. The Financial Reporting Council of Britain announced in December that it had launched an investigation into EY’s audit of Shell’s 2024 financial statement due to possible breaches of the rules governing audit partner rotation. Earlier this month, Shell chose PricewaterhouseCoopers (PwC) as its next ?auditor after a tender ?process, with PwC set ?to replace EY from 2027.
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AEP doubles its data center electricity demand and expands their spending plan
Executives with American Electric Power said on Thursday that the company's five-year capital expenditure plan will exceed $72 billion, as it doubles the number of power contracts signed with data centers. U.S. electric demand is increasing at an unprecedented rate. Utilities are investing more to meet the growing demand from Big Tech, as they build data centers for complex AI-related tasks. AEP claims that 80% of AEP's growth is driven by hyperscalers such as?Alphabet’s Google, Amazon.com, and Meta. AEP shares reached a new record high, and last traded at $127.38 per share. AEP has now signed agreements for 56 gigawatts of power to be supplied to data centers. This is a double since October. Data centers have requested an additional 180 gigawatts. This combined capacity can power all the homes in the United States. The company has said that as demand increases, it will be investing an additional $5 billion to $8 million in transmission and generation projects over its current capital investment plan of $72 billion. As utilities increase spending on power plants and cables to meet the rising demand for electricity, customers are becoming more concerned about their rising power bills. Bill Fehrman, AEP's CEO, said: "Through federal loan programs, state grants, innovative rates designs, and direct bill assistance we work to limit the bill impact while continuing to invest into the system." Fehrman stated that while this is a good step forward, more measures are needed to ensure that the infrastructure required to service large loads is funded by customers who have these needs. AEP stated that it would partner with ERCOT in Texas, an independent system owner, to build the necessary transmission infrastructure. It also said they would "bring large loads online quickly and within the regulatory framework". According to data compiled and analyzed by LSEG, the Ohio-based company reported a?operating profit of $1.19 for the 'three months ended December 31. This was compared with an average analyst estimate of $1.15. Reporting by Vallari Shrivastava from Bengaluru, and Laila Kearney in New York, with editing by Tasim Zaid, Saumyadeb Chkrabarty and Philipp Fletcher.
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Qatar records $1.5 billion budget deficit in fourth quarter, ministry says
The finance ministry reported that Qatar had a budget deficit of $1.45 billion (5.3 billion Qatari Riyals) in the fourth quarter of 2025. Total revenue was 51.6 billion Qatari Riyals and total expenditure reached 56.9 billion Qatari Ries. Qatar, one of the top LNG exporters in the world, is implementing an economic diversification strategy that will ensure sustainable revenue streams and reduce dependence on hydrocarbons. Qatar's budget for 2026 projects modest revenue growth and a 5% rise in government spending. The International Monetary Fund stated in its 2026 article IV 'end of mission' report that "the fiscal stance?remains consistent at a level which ensures intergenerational equality, and generally prudent spending plans are anticipated under the budget for 2026." The Fund stated that a positive outlook for the economy provides an opportunity for Qatar to introduce value-added tax, reorientate public spending to support reforms aimed at growing the private sector and improve the 'efficiency' of spending and transparency in domestic gas pricing. The IMF said that economic growth will rebound to averaging 4% over the medium term. Qatar's economy grew by 2.4% in 2024.
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Americans are opting for lower-cost trims on entry-level vehicles as the cost of ownership is increasing.
Affordable cars are hot for American buyers. They haven't been so popular since the Gulf War, when gas prices soared and Japanese automakers seized market share with a simple offer: "fill it, forget about?it". The steep sticker price of new cars is forcing Americans to choose 'basic models over premium trims,' thereby increasing sales of entry level variants. Some 'automakers' have also adjusted production. The price of pickup trucks and crossovers has not deterred them from being the top sellers. According to Cox Automotive the average transaction price has been around $50,000 for almost a year. This puts many fully-loaded models out of reach. The pressure extends beyond showrooms. The rising costs of housing, healthcare, and insurance are increasing the pressure on lower-income families. President Donald Trump's tariffs have added to this. If you plan to keep your car for 10 years, why not get the minimum amount of options you'll use? "There's no need to buy the most powerful engine when you only plan to use it to commute to the office," said Sam Fiorani. Vice president of AutoForecast Solutions. The shift from entry-level trims to higher-end models isn't necessarily a bad thing for automakers. They are faster and cheaper to build. Although margins may be lower for premium models, increased volumes can help to shore up profits at a time when consumers are reducing their spending. Sales are showing the impact, according to automakers. Ford reported a decrease in overall U.S. Sales for January but that deliveries of the Maverick compact pickup's basic trim rose by 33.5%. Honda announced a similar shift in January, focusing on entry-level vehicles. David Whiston is an auto analyst for Morningstar. He said that affordability was still a major concern for automakers. This pushed companies like Honda and GM towards lower-cost products. Toyota's demand for its affordable models, such as the Corolla and Camry, was significantly higher in January, whereas sales of Lexus's premium sister brand, Lexus, fell. Stellantis said it had cut prices in the last two years to make them more affordable. It cited lower prices for Jeep SUVs, Ram pickups priced under $50,000, and entry-level Dodge, Chrysler, and Dodge?models. According to CarEdge, a marketplace and automotive data provider, the gap between the lowest trim and the highest trim now averages around $5,000. Chris Smith, 30, of Colorado owns a 2020?Tacoma?SR5 and cites reliability and lower costs as reasons for buying the base interior. Why pay more for less reliability? Most basic models come with enough tech onboard to satisfy most buyers, including an advanced infotainment system and driver assistance features. Even base models today are well-equipped. Fiorani says it's hard to find items such as vinyl seats, a roll-up window, or a manual transmission that used to be standard on base models.
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US forecaster predicts a La Nina transition to El Nino in early 2026
The U.S. Climate Prediction 'Center' said on Thursday that there is a 60% probability of a shift in the climate phenomena known as La Nina to?El Nino between February and April 2026. This pattern, also known as ENSO neutral, will likely persist throughout the summer in the Northern Hemisphere. Climate Prediction Center?said Thursday. The U.S. forecaster stated that "atmospheric abnormalities weakened due subseasonal variability but still reflected La Nina." "Low level westerly winds were present over western equatorial Pacific and upper level westerly winds continued across east-central equatorial Pacific." Why it's important La Nina is a part of the El Nino-Southern Oscillation climate cycle that affects the water temperatures in central and eastern Pacific Ocean. La Nina?can cause crops to be affected by drought and floods. When?ENSO neutral, water temperature stays around average, leading to better weather and possibly higher crop yields. KEY QUOTES Jason Nicholls is the lead international forecaster for AccuWeather. He said that neutral ENSO conditions will return in a couple of months. Nicholls said that "drought conditions are beginning to appear in some parts of southeast Australia. A transition to El Nino may worsen drought conditions, and cause problems for the next growing seasons." "With the transition out of La Nina, it should mean more rain in Argentina and less in north-central Brazil. If La Nina fades, there will be less rain in Southeast Asia as we move into the summer, said Donald Keeney - a Vaisala Weather agricultural meteorologist. CONTEXT Scientists predict that the Southern Hemisphere will experience even more extreme temperatures in the future. Climate change and La Nina weather patterns combined to cause catastrophic flooding in southern Africa late December and early January, resulting in the deaths of around 200 people. Japan's weather bureau reported on Tuesday that there is a 60% probability of El Nino occurring during the summer. There are 50% chances of it happening in the spring, and 50% of normal conditions continuing. Reporting by Pablo Sinha from Bengaluru. Jane Merriman edited the article.
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Steady Energy launches a pilot project for a small nuclear heat reactors in Finland
Steady Energy, a Finnish nuclear development company, has begun building a Helsinki pilot plant that will pave the path for Europe's earliest?small nuclear heating reactor. China, the U.S., and Canada are among several countries that are developing small modular reactors, which are more compact and faster to build than conventional nuclear reactors. Steady Energy aims, however, to produce nuclear power to?warm up homes via district heating systems. The company is building its shipping-container-sized 50-megawatt pilot ?plant to test the technology without loading nuclear fuel inside a decommissioned power ?and heat plant near the centre of Helsinki. Tommi Nyman, CEO of Tommi Nyman Energy Solutions said: "We are the first in Europe to have?small nuclear heating projects. Nyman stated that the company was aiming for a?low heat generation', which is easier to manage than nuclear energy production. It also plans to bury their final reactors under ground to ensure safety. Steady Energy and Helsinki's energy group Helen have partnered up to invest in new nuclear units in 2023. This is after Finland shut down its last coal-powered power plant last year. Helen Nuclear CEO PekkaTolonen said that the tendering process for plant suppliers includes a half-dozen Western plant providers, including those who produce heat only as well as those who generate electricity and heating. Steady Energy, a Finnish energy company, signed an agreement of cooperation with the Finnish utility Fortum earlier this month. Fortum also became a strategic shareholder in the company, alongside other investors such as Finnish Industry Investment and state-owned Finnish Industry. Nyman stated that the pilot plant has a budget of 20 million euros, while the final version nuclear would cost 100 million euros each unit.
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Russia's current-account surplus dropped 34% to $41.4 billion in 2025
The Russian central bank announced on Thursday that the country's 'current account surplus' had fallen by '34%' to $41.4 billion in '2025, from $62.6 billion last year. This was due to the Western sanctions as well as the lower oil price, which is the main source of income for the country. Exports fell while imports were relatively stable. The current account of a country is the difference between all money that comes in from trade, investments and transfers and what goes out. As a cause of the decline, the central?bank cited a growing deficit in services caused by an?increased importation of services. In 2025, Russia’s trade surplus was $116.7 billion, a drop of 11.7% compared to $132.1 billion. Exports declined significantly as a result of sanctions and low oil prices. Data from the central bank showed that Russia's exports in 2025 will total $419.4 Billion, down from the $433.6 Billion the previous year. This is because discounts on the Urals oil blend, the country's most popular oil blend, were still high compared to international benchmarks, and global oil prices were under pressure for much of the year due to a glut. T-Bank analysts in Moscow expect Russian exports will recover by 2026, as the country begins to tackle sanctions. According to their estimate, the Urals discount is expected to drop from $25 per barrel down $13-15 per barrel in the second half of this year. Reporting by Elena Fabrichnaya, Editing by Peter Graff
Copper weighed down by weak need, strong dollar
Copper costs fell on Thursday, dragged down by weak demand in top consumer China and a strong U.S. dollar following hawkish Federal Reserve minutes.
Three-month copper on the London Metal Exchange (LME). was down 1.4% to $10,273 per metric heap by 0730 GMT,. while the most-traded July copper contract on the Shanghai. Futures Exchange (SHFE) fell 4.2% to 83,080 yuan. ($ 11,468.49) a ton.
The losses featured earnings taking after rates hit record. highs on Monday, and as some begun to build brief positions,. traders stated.
A mix of basic material lacks and demand optimism. have actually brought in speculative buying in copper, causing a gain. of 21% for LME copper so far this year.
But the cost rises have resulted in waning demand in China and. pushed inventories higher.
Still, many think copper prices will stay on an upward. trajectory given a looming global deficit and geopolitical. uncertainty.
Analysts at Citi Research said they still strongly think. that copper will strike up to $15,000 per heap in the next 12-to-18. months.
Likewise weighing on the marketplace on Thursday was a strong dollar,. after the minutes of the last Fed conference exposed a desire. to raise rate of interest among some authorities.
A stronger dollar makes it more costly to buy the. greenback-priced product.
Other base metals trended lower. LME aluminium moved. 1.1% to $2,608.50 a heap, nickel dropped 1.4% to $20,075,. zinc shed 1.4% to $3,020.50, tin slipped 1.5% to. $ 32,995, and lead was 2% lower to $2,268.50.
SHFE aluminium lost 2.9% to 20,780 yuan a lot, zinc. dropped 2.2% to 24,345 yuan, tin fell 3.1% to. 270,300 yuan, lead slid 1% to 18,365 yuan, and nickel. tumbled 4% to 151,410 yuan.
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DATA/EVENTS (GMT)
0500 Japan Store Sales YY April
0715 France HCOB Mfg, Serv, Compensation Flash PMIs May
0730 Germany HCOB Mfg, Serv, Compensation Flash PMIs May
0800 EU HCOB Mfg, Serv, Compensation Flash PMIs May
0830 UK Flash Comp, Mfg, Serv PMIs May
1230 United States Preliminary Jobless Claim Weekly
1445 US S&P Global Mfg, Svcs, Compensation Flash PMIs May
1400 EU Consumer Confid. Flash May
1400 United States New Home Sales-Units April.
(source: Reuters)